Plug Power (NASDAQ:PLUG) Price Target Cut to $2.00 by Analysts at Wells Fargo & Company

Plug Power (NASDAQ:PLUG) had its price objective dropped by investment analysts at Wells Fargo & Company from $3.00 to $2.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the electronics maker’s stock. Wells Fargo & Company‘s price objective indicates a potential upside of 3.63% from the company’s previous close.

A number of other equities analysts have also recently commented on PLUG. Evercore ISI dropped their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating for the company in a report on Wednesday. Canaccord Genuity Group cut their price objective on shares of Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday. Craig Hallum lowered their target price on shares of Plug Power from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, August 9th. Truist Financial cut their price target on shares of Plug Power from $3.00 to $2.00 and set a “hold” rating on the stock in a report on Monday, August 12th. Finally, Royal Bank of Canada decreased their price objective on shares of Plug Power from $3.50 to $2.50 and set a “sector perform” rating for the company in a research note on Monday, August 12th. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $4.65.

Plug Power Stock Performance

PLUG traded down $0.04 during midday trading on Thursday, hitting $1.93. 9,109,841 shares of the company traded hands, compared to its average volume of 40,788,840. The company’s 50-day moving average is $2.06 and its 200 day moving average is $2.41. The company has a quick ratio of 0.91, a current ratio of 2.07 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $1.70 billion, a PE ratio of -0.91 and a beta of 1.81. Plug Power has a 52 week low of $1.60 and a 52 week high of $5.14.

Plug Power (NASDAQ:PLUG) last released its earnings results on Tuesday, November 12th. The electronics maker reported ($0.25) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.01). Plug Power had a negative return on equity of 47.36% and a negative net margin of 214.05%. The firm had revenue of $173.70 million for the quarter, compared to the consensus estimate of $207.25 million. During the same quarter in the previous year, the business posted ($0.47) EPS. Plug Power’s revenue was down 12.6% on a year-over-year basis. On average, research analysts expect that Plug Power will post -1.16 EPS for the current year.

Institutional Trading of Plug Power

A number of hedge funds have recently modified their holdings of the business. Pitcairn Co. increased its stake in Plug Power by 27.1% in the 1st quarter. Pitcairn Co. now owns 19,561 shares of the electronics maker’s stock valued at $67,000 after buying an additional 4,169 shares during the period. Nations Financial Group Inc. IA ADV raised its holdings in shares of Plug Power by 42.3% during the third quarter. Nations Financial Group Inc. IA ADV now owns 15,798 shares of the electronics maker’s stock worth $36,000 after acquiring an additional 4,700 shares in the last quarter. Arkadios Wealth Advisors boosted its position in Plug Power by 18.2% during the third quarter. Arkadios Wealth Advisors now owns 33,020 shares of the electronics maker’s stock valued at $75,000 after purchasing an additional 5,075 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Plug Power by 0.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 803,881 shares of the electronics maker’s stock valued at $1,817,000 after purchasing an additional 5,485 shares in the last quarter. Finally, Catalyst Capital Advisors LLC increased its position in Plug Power by 79.9% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 12,681 shares of the electronics maker’s stock worth $29,000 after purchasing an additional 5,631 shares during the last quarter. Hedge funds and other institutional investors own 43.48% of the company’s stock.

About Plug Power

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.